Tawsix (OP)
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I have always been afraid of banks.
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May 27, 2011, 06:55:46 AM |
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Update: The first rig is set up and is currently mining at btcmine.com We'll have the other 4 rigs up tomorrow. The stats on the first rig can be downloaded here: http://btcmine.com/api/getstats/020d055f94131c4b29baeca9915c7e04917bb18e/ . Once again, thank you to all of the people who have invested! The vote to reissue and reprice the stocks that have so far gone unsold is 430 yes, 498 no, so we will not be changing the pricing. |
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cschmitz
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May 28, 2011, 11:01:16 AM |
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As far as projecting difficulty increases, I'm no expert on the subject, but from studying several graphs as well as the effects of difficulty jumps on network power and the exchange rate for BTC, I think that even if the total number of Bitcoins generated falls (which is to be expected), the actual worth will be more than enough to compensate for the difficulty increase.
In context of 440k diff, whats the next step given the situation is not so "peachy": "total_payout": "0.34" Note: i bought a share to ensure that i make my case as shareholder for the sake of it. |
proud 5.x gh/s miner. tips welcome at 1A132BPnYMrgYdDaRyLpRrLQU4aG1WLRtd
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eturnerx
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May 28, 2011, 02:31:25 PM |
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In context of 440k diff, whats the next step given the situation is not so "peachy": "total_payout": "0.34"
Cool sample size bro. Given the short length of time and the size of the btcmine pool fluctuation is inevitable. So far the payout for btcmine has been below what I get for a slower hash rate on Deepbit. Give it some time. |
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cschmitz
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May 28, 2011, 02:50:49 PM |
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Cool sample size bro. Given the short length of time and the size of the btcmine pool fluctuation is inevitable. So far the payout for btcmine has been below what I get for a slower hash rate on Deepbit. Give it some time.
stop assuming that i have no numbers to compare to. given that he claims to have 5 rigs with 5300mh/s, the sample size is sufficient to say that its simply can not be the truth. i have about half of his claimed 5.2gh myself on btcmine myself right now and can say that i have gotten over three times as much as he did in the timeframe his rigs are supposed to be mining. it can be with great certainity be said that given the numbers btcmine puts out the current hashrate of this total of 4900$ rigs are producing less than 1gh, yet there has been zero communication why the investors money is not being put to work to produce the return of investment. edit: it can actually be derived from the api that the miner currently active produces over 10% less than the advertised rate: ""hashrate": "959.21"" apparently the OP was using inflated hashrate numbers for triple 5850 that are hard to realize without ample experience, may i enquire what the specific issue is? |
proud 5.x gh/s miner. tips welcome at 1A132BPnYMrgYdDaRyLpRrLQU4aG1WLRtd
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Vladimir
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May 28, 2011, 03:13:43 PM |
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Read again what mrb and xf2_org said above in this thread. These two do know what they are talking about. And I cannot agree with them more.
Sorry for being so grim here but whoever gave his money to an anonymous person on the Internet with a voice of a 16 year old via an unregulated marketplace fully deserves whatever return on investment he gets.
Trust me, running 20 Ghps set of rigs is far from trivial and if you hired some anonymous kid to do it for you... well
some more DD next time maybe?
I am not a shareholder. Though, I wish there was a possibility to go short, preferably naked short ... Nefario: can I?
BTW: 1Ghps produces on average 13.96 diff 1 shares per minute. This makes it very easy to accurately estimate actual useful hashing power for given number of shares accepted by a pool for given period of time.
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Anonymous
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May 28, 2011, 03:21:33 PM |
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While the market is unregulated the bitcoin community will be very harsh on anyone who fails to deliver what they promised. It really shows that a good reputation goes a long way when judging the merits of an offering.
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Vladimir
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May 28, 2011, 03:25:47 PM |
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While the market is unregulated the bitcoin community will be very harsh on anyone who fails to deliver what they promised. It really shows that a good reputation goes a long way when judging the merits of an offering.
True, but this community wrath will fall on someone who could get lots of money and is free to go and create a new identity, rinse and repeat. But you cannot be more right about value of reputation. It is bitcoin's version of a brand. This is why I am so surprised by investors optimism on some projects. Particularly given that investments are in bitcoins. Could have just held bitcoins. |
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boonies4u
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May 28, 2011, 04:19:16 PM |
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While the market is unregulated the bitcoin community will be very harsh on anyone who fails to deliver what they promised. It really shows that a good reputation goes a long way when judging the merits of an offering.
True, but this community wrath will fall on someone who could get lots of money and is free to go and create a new identity, rinse and repeat. But you cannot be more right about value of reputation. It is bitcoin's version of a brand. This is why I am so surprised by investors optimism on some projects. Particularly given that investments are in bitcoins. Could have just held bitcoins. He didn't make a new identity to to set up Skepsidyne. Even if he did make a new identity to pull of other scams, we could always trace him with the Tawsix identity. I personally do not like holding onto bitcoins... I'm not really much of a trader, but I like the idea of investing. While i like moving part of my paycheck away from the USD, just keeping it in my wallet isn't enough. |
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Bitsinmyhead
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May 28, 2011, 04:41:31 PM |
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Why do people never think...
Before they start investing...
Investing with a deflationary currency...
Is generally a pretty bad idea...
One of the beauties with the BTC...
Is that you can actually hold...
The coins in your wallet and not lose value...
No pressure to invest in shady stuff...
Unless the investment is pure genius...
It will always be better to just hold coins...
A mining company is not pure genius...
In any form or way...
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boonies4u
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May 28, 2011, 05:14:35 PM |
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Why do people never think...
Before they start investing...
Investing with a deflationary currency...
Is generally a pretty bad idea...
One of the beauties with the BTC...
Is that you can actually hold...
The coins in your wallet and not lose value...
No pressure to invest in shady stuff...
Unless the investment is pure genius...
It will always be better to just hold coins...
A mining company is not pure genius...
In any form or way...
There are so many assumptions here. A lot of the growth we have been seeing is speculation. How long have you been "holding coins"? |
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Bitsinmyhead
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May 28, 2011, 11:13:43 PM |
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Only assumption made...
Is that investing in a deflationary currency...
Is generally a pretty bad idea...
You can't really argue that...
There are pretty much not one...
Scenario where investing in a mining company...
Can come out ahead...
Of just buying the coins...
I know that the thought of free money...
Can be pretty sweet to all of you...
But do the numbers...
And you can see...
How this is never gonna make any....
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MoonShadow
Legendary
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Activity: 1708
Merit: 1010
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May 28, 2011, 11:29:28 PM |
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Only assumption made...
Is that investing in a deflationary currency...
Is generally a pretty bad idea...
You can't really argue that...
Oh, yes I can.
There are pretty much not one...
Scenario where investing in a mining company...
Can come out ahead...
Of just buying the coins...
I can think of many, off the top of my head.
I know that the thought of free money...
Can be pretty sweet to all of you...
But do the numbers...
And you can see...
How this is never gonna make any....
A poet without a rhyme. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Tawsix (OP)
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Activity: 210
Merit: 100
I have always been afraid of banks.
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May 28, 2011, 11:47:11 PM |
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The low output is due to there only being one rig operating right now. We've had at least one PSU arrive DOA, and possibly a motherboard. Currently I'm switching around parts to rule out which ones are DOA. We'll be getting more rigs up in the next few days, and once replacement parts come, reach full capacity. We're looking at ordering the next round of rigs in the next few days once the current rigs are up and running. I'll keep updates coming as more rigs get up and running. Then I'll begin optimizing the current rigs by overclocking and testing different mining software and parameters.
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eturnerx
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May 28, 2011, 11:55:14 PM |
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stop assuming that i have no numbers to compare to.
given that he claims to have 5 rigs with 5300mh/s, the sample size is sufficient to say that its simply can not be the truth. i have about half of his claimed 5.2gh myself on btcmine myself right now and can say that i have gotten over three times as much as he did in the timeframe his rigs are supposed to be mining.
it can be with great certainity be said that given the numbers btcmine puts out the current hashrate of this total of 4900$ rigs are producing less than 1gh, yet there has been zero communication why the investors money is not being put to work to produce the return of investment.
edit: it can actually be derived from the api that the miner currently active produces over 10% less than the advertised rate: ""hashrate": "959.21""
apparently the OP was using inflated hashrate numbers for triple 5850 that are hard to realize without ample experience, may i enquire what the specific issue is?
Yep Tawsix was saying only one rig was running and the BTCMine feed backed that up. I never believed his advertised rates - always take things like that with a grain of salt and do my own numbers  |
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eturnerx
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May 29, 2011, 12:02:14 AM |
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True, but this community wrath will fall on someone who could get lots of money and is free to go and create a new identity, rinse and repeat.
But you cannot be more right about value of reputation. It is bitcoin's version of a brand. This is why I am so surprised by investors optimism on some projects. Particularly given that investments are in bitcoins. Could have just held bitcoins.
Can't agree with this more. Very very easy to get scammed. Do the numbers people, make your background checks ppl! The thing about this particular project and it's open trading on GLBSE has been that tawsix says nothing.... the negativity creeps in and the ASK price drops. Tawsix posts something then the GLBSE price rises. Just riding those swings I've made back more than my original investment (yes, that btc is banked) and have a little parcel of effectively free (yeah I know, opportunity cost) shares in SIN just in case it pays off. GLBSE is a peculiar place - allows open trading while a capital raising share float is in progress. |
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boonies4u
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May 29, 2011, 05:24:04 AM |
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Can't agree with this more. Very very easy to get scammed. Do the numbers people, make your background checks ppl!
The thing about this particular project and it's open trading on GLBSE has been that tawsix says nothing.... the negativity creeps in and the ASK price drops. Tawsix posts something then the GLBSE price rises. Just riding those swings I've made back more than my original investment (yes, that btc is banked) and have a little parcel of effectively free (yeah I know, opportunity cost) shares in SIN just in case it pays off. GLBSE is a peculiar place - allows open trading while a capital raising share float is in progress.
I'm sure some people are investing just because of the Greater Fool concept... I think most of them cashed out @ the increase to 1.00 per share though. |
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Sukrim
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May 29, 2011, 09:10:52 AM
Last edit: May 29, 2011, 07:16:49 PM by Sukrim |
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Well, currently 466 shares have been sold. (Edit: Sorry, that should have been 1465!)
Out of these, 161 are for sale for less than 1 BTC, 8 even for 70 Bitcents (meaning this investor looses 40 Bitcents).
Interestingly Tawsix got lucky and even solved a block (in the pool though...)
Currently he mined 1.55787272 BTC, meaning he "owns" one of his own shares now (only 3999 to go!!!11) (Edit: 5000 to go!!!11) and each share would get a whopping 0.00038947 satoshis as dividend! (Edit: less...)
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eturnerx
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May 29, 2011, 11:45:34 AM |
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Yep out of 4000 shares, 3600 are listed still for sale. I guess one way the cash-out-now people could profit is by having the price of the capital raising block increase in price to 1.25btc - that motion was voted against though.
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Sukrim
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May 29, 2011, 11:49:18 AM |
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You can only cash out if someone else buys it for that price - there are still 8 shares for sale for less than the initial 75 Bitcent!
If people were willing to pay 1.25 BTC they could buy it for far less currently. It seems however that they are either afraid or want to wait for further info from Tawsix until they invest.
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